Evening Star Newspaper, April 10, 1932, Page 59

FINANCIAL. TEXTILE INDUSTRY REVERSES TREND Cotton Goods Makers Have Shown Rare Judgment During Past Year. After a severe slump in 1930, the cot- ton goods industry increased its rate of cause cotton manufacturers have led the way in meeting the iowered price levels, in striking contrast to steel manu- facturers, who, operating at 22 per cent of capacity, “appear to be getting ready to close up shop rather than reduce prices.” Cotton consumed by the mills in | 1930 amounted to 5,379,000 bales, as | compared with 7,050,000 bales in 1929, & decrease of 23.7 per cent. Last year consumption rose to 5,455,000 bales. ‘While this represented an increase of only 1.4 per cent over 1930, and was | gtill far short of the 1929 consumption, | activity in 1931. contrary to the trend i of general business. This, says the Alexander Hamilton Institute, is be-; | ALASKAN GOLD EXPORTS INCREASED DURING 1931 By the Associated Press. The Bureau of Mines reports an in- crease of more than $1.000.000 in ship- ments of domestic gold from Alaska during 1931 Production figures for the year indi- cated a value of $0.169,000, compared with $7,662.000 the previous year, but silver declined in value from $180,000 | to $00,000, while copper production slumped off in value from $5.431.000 to $2,080,000. It was reported also that the outlook for gold mining this year is very prom- | ising in both lode and placer mining ! particularly in the Fairbanks and Nome | districts. = | i AS SHORTS COVER Brisk Advance at Opening Brings Out Profit Taking Sales. it wes a decided improvement over the showing made by most industries, which | curtailed their rate of activity far below | that of 1930 | The average price of cotton cloth has | declined 446 per cent since the peak in 1929, whereas the genaral cormedity price level has dropped only 31.3 per cent ‘The output of cotton goods was valued at $1.503,000,000 in 1929. Tre value | dropped to $954,000,000 in 1930, due to | 8 lower output and a reduction in prices. | As the result of a further cdecrease in prices, which was only partly offset by the increase in output, the value de~| clined to $770,000,000 in 1931 ‘The initial losses were borne by mill owners rather than by labor. for in spite of the heroic price cuts in 1930, jobs and wages were maintained to such an extent that the ratio of cost of labor and raw materials increased from 81 to 92 per cent, and mill consumption r worker fell from 16.5 bales to 14.9 les. Eventually forces were reduced and wages cut, with the result that | pay rolls are down from $28.575,000 to | $15,755,000, or nearly 45 per cent, prac- | tically paralleling dollar sales volume. | In 1931 the industry benefited also by | the sharp decline in the price of raw | cotton | In view of the present low price, the | production of cotton goods in 1932 should compare favorably with last year's output, although the continua- tion of the general depression bars the | probability of any marked increase. SECURITY MARKETS HIT NEW LOW MARK | IN WEEK'S TRADING (Continued From First Page.) . visible in the increasing number of dividends now being reduced or passed. It 15 the greatest single threat that | faces the stockholding public, which at the moment is in a dazed mental state. | ‘The necessiy for further lowering their dividend, which the directors of the Atchison this week have expressed, in- dicates the conditions in the transpor- | tation world, where few dividends still Temain to be paid. When it is realized | that the average price of railroad listed | stocks has fallen from 189 in Septem- | ber, 1929. to about 24 at the present | time, and that from April 1, 1930, to | the end of last March there has been | & $10,000,000,000 depreciation in the | continental connections. market value of listed raflroad stocks and bonds, some appreciation may be had of the reduced buying power, or | stock market and the strength of grain. the mood to buy, of over 1,000,000 in- | ‘vestors in this industry. | Prices today are at a level where | they discount a state of general in- | solvency, in which no one with com- | mon sense believes. It is only the | hysterical who are now selling securi- | ties which tney own outright. It is a | curious fact that while we are still confident that the United States is and will continue to be the country of | strongest credit and of greatest re- | sources in the world, our markets have | been making a poorer showing than | those of Great Britain or Germlny,‘ whose financial and trade outlook we view with concern. There is every in- dication that progress is bel made in Europe toward a modification of the reparations debts. and that after the | German elections this month and those in Prance in May, there will be an understanding between the prin- cipal European powers that will re- lieve the present political and economic tension. Improvement in American securities, however, must come, mean- while. from a more persistent and en- | during political and banking leadership than has lately been in evidence. (Copyrisht, 1832 NEW YORK BANK STOCKS NEW YORK, April 9 (#).—Over-the- counter market: Chase (3) ........ Commercial (8) First National (100 Manbattan (2) National City (3 Public (2) ..... TRUST COMPANIES. Bankers (3) . % Bklyn Trust (16) Central Hanover (*7) Chemical (1.80) Continental (1 Corn_Excl Empire ( Guaranty (20) Trving (1.60) Manufacturers (3) . Y Tr 5 |against $8.505,000 in preceding year. HOW IS B Showing Current Business Activity Compared With Same Week a Year Ago. GENERAL BUSINESS ACTIVITY for the country York City. Shaded areas show weeks of ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week & year ago. BY JOHN L. COOLE Associated Press neia ter. NEW YORK, April 9—Curb s made some sharp advances today on hort covering incnired by news of the | onatorial investig=tion. Closing prices | were gencrally under the top. bu: lead- | ing issues ended the day comfortably above Friday's lows. The recovs was most noticeable in utility issues, which have been subject- ed to heavy pressure during the past fortnight or so. Electric Bond & Share | rallied above 12. where it was up more than a point, closing at 117 for a net gain of 7. Consolidated Gas of Balti- more jumped more than 4 points. Com- monwealth Edison traded quietly, ad- vancing half a point net Cities Service came back swiftly and at the final quotation of 4% showed a net gain of %. It sold as low as 3'; on Frida; Fractional gains were gen- eral in the oil group. ranging from !, to 3; for Standards of Indiana and Kentucky and Gulf. Specialties were rather quiet but im- proved with the general market and a few substantial gains developed on cov- ering. COTTON PRICES GAIN ON ACTIVE TRADING Market Absorbs Week End Realiz- ing and Closes Up 12 to 15 Points. By the Associated Press NEW YORK. April 9.—A sharp ad- | vance in cotton today was followed by partial reactions under realizing and some local selling, but after easing off from 6.20 to 6.06 for May. the market | firmed up again on a renewal of trade | buying and covering promoted by the | firmness of grain and relatively steady Liverpool cables. ! May closed at 6.13, with the general market closing steady at net advances of 12 to 15 points. The opening was very steady at an advance of 15 to 18 points, in response to unexpectedly higher Liverpool cables, which were followed by buying here through houses with Far Eastern and The early demand also resulted in part from the opening advance in the Following a reaction which carried active months off to within 3 to 7 points of Friday’s closing quotations, the market firmed up again and closing quotations were within 3 or 4 points of | the best levels of the day on most of the active positions. Liverpool cables said that early liquidation and some selling on the im- provement in sterling had been ab-| sorbed, with prices later advancing on covering, combined with heavy Bont- | bay and Japanese buying. Houses with Japanese and Bombay connections were credited with buying | in the local market during the early | trading, but this demand tapered off | later in the morning Reports of a pessimistic sentiment in | Manchester and that mills using Egyptian cotton in Lancashire had de- | cided to curtail their production 20 per | cent. commencing next Monday, ap- peared to have little effect on the local market. Amount of cotton on ship- | board awaiting clearance at the end of the week was estimated at 141,000 bales, against 93,000 last year. Close. 61 NORFOLK & WESTERN i ASSETS ARE $13,176,318 In a report to the Interstate Com- | | merce Commission the Norfolk & West- | ern_Railway Co. shows current assets | | of $13176318 as of February 29, 1932 comparing with $15,136,294 at end of | February, 1931, and current liabilities were $6,761 468, against $7,169.994. In- | vestments in stocks and bonds, etc., other then those of affiliated companies, amounted to $34.118.965 on February 29, against $43711,688 at end of Feb-l ruary, 1931, and funded debt maturing | within six months was $3,596.000, | USINESS? ding weeks of the ths earlier. (s Richmond Atignta | = KA 1 G | " KansasCity | Dalls |8 Francisco | i SRS =804 IR LEADING BAROMETERS. Showing Trend of Important factors, % Change FOR WEEK ENDING APRIL 9, 1932. Stock_and dividend. 5% Acetol Prod A 2 Acme Wire vtc 3% Aero Supply MIE(A). 1 Aero Supply Mfg B). Agfa Anscopf... ... Ainsworth Mfg (k50c). Alr inv conv pf Ala Power pt (6) . Ala Pwr cum pf (T) All Amer Gen Corp. Allegheny Gas Corp. Allied Mills Inc. . Aluminum Co of Am Alumn Co of Am pf (3).. Aluminum Goods (60¢c). Aluminum Co Ltd 4 Aluminum.Ltd (D) war American Arch Co(1). Am Hrit & Cont. ., Am Captal \m Captral (B) Am Com Pow A. Am Com Pow B.. AmCorp........ Am Cyanamid (A). Am Cyanamid (B). Am Dept Stores. Am Equities Am ForPwr war. ¢ Am Founders. .. Am Gas & Elec (11) Am Gas & E1 pf (6) Am Investment Inc (B). Am Laun Mch 1.20 Am Lta Trac (24). ... Am It & Trpf(1%).. Am Maize Frod (1 Am Mfx Co Am Mfg Co pf (5) Am Marzeatho . Am Superpower 5 Am Superpwr 1st pf(6) Am Superpo pf 16)..... Am Thread pf (25¢) Am Yvette Co., Inc. Anchor Post Fence. Anglo-Chilean Nit... Appalachian Gas. Arcturus Radio Tub. Ark Nat Gas. . Ark Nat Gas A Ark NG em pf (80¢).... Arkansas Pwr&Lt pf(7) Armstrong Cork. Art Metal Wks(b8%) lec Indus Ltd. 2 Asso Gas&El all ct 1.60. Asso Gas & Elec ctfs( Assoc G & El war. Atlantic Coast Fis Atlantic Sec pr pf ww Atlas Plywood. .. Atlas Utilities Corp Atlas Utilities(war). Atlas Utdl pf (3). Auto Vot Mach (new) Aviation Sec,New Eng. . Babcock & Wilcox (4).. Baumann (L) pf (7). Bellanca Afr v.t.c. Bell Te! of Can (8). Beneficial IL (1%). Bickford's Inc (1 Bliss Co (EW). Biue Ridge Corp. . Blue Ridge pf (a3). Blumenthal (S) Bohack (HC) 1st pf (7). Brasilian Trac Lt&P(1). Bridieport Machine Brillo Mfg (§0c)........ B AT con B (pl 13 3-5¢). Brit Cel Ltdrets. . ... Brown F&W c pf A 1.20. Buckeye Pipe Line (4). Buffalo, N&EP pf(1.60) Buff Niag&EP 1st pf(5). Bulova Watch ev pf Bunker Hill & Sullivan,. Bunker Hill & § Burco, Inc. Burco, Ine cv pf n (3) Burma, Ltd rcts (4c). Butler Bros. ..... Cable Radio Tub vte. Cabl & W Ltd. A ret Cabl & W Ltd. Brets. . Cable & Wireless pf rets Canadian Marconi ’ Carib Syndicate. Carman& Co (A) Carnation Co (1%)..... Cellulofd Corp. > Cent Hud G&E ctfs 80c.. Cent Public Service A. .. Cen Pub Serv, Del...... Cent & Sown Util (b7%) Central States Electric. . Cen States El pf xw(6).. Centrifugal Pipe (80c). Cham Stores Stock. Charis Corp (2)... Chesebrough (16%) Cherry-Burrell Corp Childs Co pf Cities Service(g30c). Cities Service pf (6) Cities Ser pf B (.60) Cities Serv. B.B.pf(§ Citles Serv P & Lt pt Cities S Pr & Lt pf (7). Claude Neon, Inc. ...... €I Neon El pr (1.60) Clev Elec [llum (1. Club Alumn Utensils. .. Colombia Syndicat ColonOfl .. .. Colum G&E cv pf(5). Columbia Oll & Gas vis Commwith Edison (8).. Comwith & Sou (war) . Community Water Serv. Comstock Tunnal. .. Consolidated Copper ... Consol Gas Balto(3.60). Consol Gas Utllity A. Consol Min&Sm (f22).. Consol Retall Stores. ... Consol Royal (20¢) . Consol Theaters. ‘ont Shares conv pf. Cooper Bessemer. : Cooper Bessemer pf (A) Copeland Prod, In - Cord Corp A Corroon & Reynolds Corroon & Rey pf (A osden O] . Creole Petrolenm. Cresson Consol. Crocker Wheeler. « Crown Cent Petrol. own Cork Intl (A). uban Tob vot uneo Press & Curt Cusi Mex Mining. Darby Petroleum. Davenport Hos (2 Deere & Co e Forest DeHavAir rets 11 7-10c. . Derby U1l & Refin Derby Oil & Refin pf. Detroit Aircraft Corp. Doenler Die Casting Dow Chemfcal (2).. Driver Harris Co. Dubllier C & Rad uke Pow (5). . it Motors. . Duval T Bond & Share(new). . = klec Bond&sh cu pf (8) El Bond & Sh of (6).... Flec Pow Asso (1).... Elec Pow Asso A (1). mplre Gas&F cm pf(7) Empire Gas&F em pf(8) Empire Cower pt (2.24) Employers Reing (1.60) . Eureka PipeLine(s). 4 Europ El Ltd A (30c) # Fageol Motor. . .. Fairchild Aviation. Fajardo Sugar. Fansteel Prod . Federated Capital. . Federated Metali Fiat Motors g ¢ Fire Assn Ph (L “lintkote Co (A), Foltis-Fischer Corp. Ford Motor, Ca Ford Motor, Ca Ford Motor France. Ford M ktd. .. Fox Theaters (A). . Garlock Packing (60¢). . % Gen Alloys. . 3 General Aviat High. Low. Close. % 5% 2 3% 1 Stock and dividend. G El Ltd rets (p36 3-5¢) . Gen Empire Cp (40c). ... Gen Gas&El cv pf B (6). Gen Theat Equip cv pf.. GeorglaPowerpf(8) Glen Alden Coal. . . Globe Undwritrs(k20c) . Gold Seal Electric . Golden Center. ... Goldfield Comsolidat. ... Goldman Sachs T C..... Gorham, Inc A). . Gorham Inc pf Gotham Knitba: Graymur Corp (1) GtA&PTean vi6%. Grt A&P Tea pf (7). Groe Strs Prod v.t4 GuiIf Oil ot Penna. ..... Gulf States U $6 pf(6). . Hackmester Lind. ...... Hand Page pr pf(pli5e). . Hapuiness Candy. ... Hecla Mining (40c) . Heyden Chem (25c) . Hires (CE) Co A(2). Hollinger Gold (170c) Holophane Co (50c). Horu&Hardart(2%) Horn&Hardart pf(7 Hudson Bay Min& 8 Humble Oil (2)......... Hydro Elec Secur(k10c). Hverade Food Prod Hygrade Sylvania (13).. 11 Pwr & Lt pt (6). .. mp Ol of Can (50¢) . ... Imj: O1] of Can reg (50c) Imp Tob G B&L (p1.12). Ind Pipe Line (k35e). Indian Ter I1lu Of1 A. Industrial Finance ctfs. Indus Finance Co pf. Insull Investment. Insull Util Inv 24 pf Insur Co of Insurance S Intercontl Petroleum. Intl Hydro cv of (3%).. Int Hydro EI S A war. [ntl Petroleum (1) [nt] Products. .. .. Intern Superpr (1) Intern Util A. . R Internatl Utilities (B) . Int Uil pt pt (7) InterstateFquities. Interstate Equity cv pf.. Interstate Hos (k40c). .. Interstate Power pf (7). Irving Air Ch(40c). [ron Cap Copper. Itallan Superpowr A. Jonas & N cum of. .. Kerr Lake. .. Kirby Petroleum. Klein (D E) Co (1). Kleinert (I B) Rubber. Kolster-BriAm shs) . ... Kress (SH) sp f (60c). Lack Securities (4)..... Lake Shor Mines (2). Lefcourt Realty 1.60 : LefcourtRity pf(3) Lehigh Coal & Nv(1). Lerner Stores Libby McNelll & L Lindsay Light (80c) Lion Oil & Refining. ... Lone Star G new (60¢).. Long Island Lt (60c). Long Is! Lt pf (7)., Lounisiana Lan & Ex Ludwig Baumann pf MagdalenaSyndicate Mass Util Asso......... Mass Util Asso cv pt 2% Mavis Bottling (A)..... + Mayflower Asso (2). Mead Johnson (133) . Melviile Shoe 1st pf (6). Memph N G Co (60c) . Merritt Chap & Scott. ... Mexico-Ohio Of). ... ... Midl Sts Pet vtc. A. .. Mid Sts Pet v.t.c. B Midl West Utiliti o Midl W Ut cv pf new xw. Mid Royalty cv pf (2).. Minne-Honey pf (6). Mo-Kan Pipe Line. . iss River Fuel bd rts. . Moh Hud P 1st pf(7). Mohawk Mining (1). Moody's Inv Sve pt pt Moore Drop Forg(A). Mountain Prod (80c). .. Mountain St Tel&Tel(8) Murphy Co (1.60). . Nat Amer Co. . National Aviation. Nat Bancservice. Nat Bd & S Corp - Nat Dairy P pf A (7) Nat Elec Power A(1 Natl Food Products (A Nat Fuel Gas (1) Nat Investors. # Nat Investors was Natl Pwr & Lt pt (8). Nat Rubber Mach. Nat Service Co. . Nat Short Trm Sec (5 Natl Steel (war) Nat Sugar NJ (2 Natl Transit (1). Nat Unfon Radio Nehi Corp..... Neisner Bros of (7). Nelson (Herman). Nestle Le Mur. . New Eng Pow pf ( 2 New Haven Clock. New Jersey Zinc New Mex & Ariz Lan Newmont Mining. ; NY & Hond R(11%). . N Y Power & Lt pf (6) N ¥ Pwr & Lt pt (1) N Y Shipbldg Corp. NY Steam (2.60) ¢ N Y Tel pf (63%) N Y Transit new (k10c). Niag.-H. Power (40c) & Niag.-H. Pwr A war Niag Hud Pwr (B) war., Miag Share(Md) 20c. ... Niles-Bem Pond (60c) Nipissing e Nitrate Corp Chile (B).. Noma Elec Corp (40¢).. North Am Util Sec. Northam W ev pf (3). .. Ner kuropean Ofl Corp. North Pipe Line new North Stat Pwr A8). North S Pow of (1) Northwest Engineering. Northw Yeast Co 12). Novadel Agene (4) Ohio Copper. ... ©Ohio Ofl n (cu)pf (6 Oilstocks Ltd (A). Oklahoma Nat Gas Outboard Mot (A).. Outboard Mot B. .. Gverseas Sec. . Pac G&EL 1st pf (1%) Pac PSnpf (1.30). . Pacif Tin Corp(spel) rac Western Ofl Pan Am Airway Pantepec Ofl Paramount Motor Fark s&Lipps pf(2). ParkeDavis (11.30). Parker Rust Proof (3). . Patterson Sargent (2). . Pencer (D) Gr A, (3%). Penroad Corp Penna Gas & Elec A. Penn Mex Fuel (pl 4 ¢ Penna Pwr & Lt pf(7)., . Penn Wat & Pow (3) Pepperell Mfg (4). Phila Co new (k80c) . Philip Morns Inc. .. Phoenix Secur Corp. Phoenix Sec pf(6) . Plerce Governor. ... Pilot Radio Tube(A). . Pioneer G M Ltd (12c) Pitney Bowes P (b4%). . Pitts & Lake Erie(5) Pitts Plate Glass (1) Plymouth Oil (k25c) Pratt & Lambert (2) Premier Gold (12¢). Producers Royalty Prudentiai Inv. . Prudential Inv pf (6). Pub Sve N 111(8)no par.., Public Ul Hold war. Fub Util Hold Corp xw Puget Sd P & Lt pf (5).. Puget Snd P & Lt pf (8 Pure Ol pt (8) Radio Products. R R Shares Corp. Low. Close. Chge. 6% 6 RN | pay interest on such deposits. | Swiss bank deposits today are for for- —1932— High. . _ Stock and dividend. High & Reynolds Invest. o & Rhode Isl Pub Sve pf(2) 21% Richfield Ol of Cal pf. % Richman Bros (3).. Roosevelt Field. Inc. Root Refining cv pr pf Rossia Intl Corp. Royal Typewriter. Ruberold Co (4) ... Ryan Consolidated Safety Car Heat & Ltg.. 18% St Antony Gula * St Regis Paper. Seaboard Util (28¢). Sec Allied Corp (1) ceman Brothers ( Segal L & Hdwr.. Selected Industri Sel Indus allot ctfs (53) Sle Ind prior (53%) Sentry Saftey Control. Shattuck Den Min. . Sheaffer Pen (WA) (1).. Shenandoah Corp. Shenandosh Corp pf. Sherwin-Williams (4 Silica Gel ot Silver King Coalition. Simmons Board pf Singer Mfg Co (8)... Sing M Ltd rets (p28c). Siste: Fin Corp Smith (A. 0.) South Penn Of1 (1) 5 S'eastern Gas & Water.. s SoCal Edpf A (1%).... 26W So Cal Edis pf (B) (1%) 223 Sou Cal Ed pf C(1%)... 20% So Colorado PwA 12) 2 Southern Corp SouthérnNat G ~o0. Union Gas. Scuthland Royalty So West Gas Utll Southwest Pen P Stand Invest cum pt Stand Motors. ... Stand Ofl of Ind( 1). Stand Oil of Ky (1.60).. Stand O1l Nebr (2) Stand O1] Ohto(2%). Stand Pwr & Lt (2 Stan Pow & Lt of (7) Stand Public Srv A Stand Silver & Lead. tarrett Corp tarrett Corp pf.. Stromberg-Carlson, Stioock & Co Stutz Motor Car Sun Investing pf Sunray Oil. ... Swift & Co (2) . Swift Internat’l (t4) Swiss Am ELpf (6).... Syracuse Wash Mch(B) Taggart Corporation. Tampa Elec (2.24) . & Tastyeast, Inc . 30 : Technicolor Inc 1 4% 3% Tech Hughes (60c).... Stock and dividend. Texon Oll & Land (1)... Tobacco&Allled Stks. .. Tob Prod of Del wi Tobacco Secur, Ltd Tobacco Secur, Ltd (D). ‘vodd Shpyard (2). Trans Air Trans. Trans Lux DLPS.. Triplex Safety Glass Tri-contin’l Corp war Trunz Pork Stores (1). Tubize Chatel, B. Tung Sol Lamp (1)... Tung-Sol Lamp pf (3). Ungerlelder Fin Corp. Unit Amer Utilities Union 01l Ass0(1.36) Un Gas of Canada. UnionTobacco Unit Corp war. Unit Dry Doek Unit Elec Service Unit Founders. . .. v sesenes e Unit Gas Corp war. United Gas pf (7). Unit Lt & Pwr (A) United Lt & Pow B.. Utd Light & Pwr pf ( Inited Profit Sharing. . Shoe Mach ¢ EFEFTESRE SFFRET * S Elec Power w “inishing . Foil Co B(30c) Inter Sec 1st pf. S Lines pf S Playing Card (2). S Radiator Unit Stores v.t.c Unit Verde Ext'n (5 Universal Pictures Utah Pwr& Lt pf (7) Utll P & Lt Utility Pow & Lt pt (7) Util Pwr&Lt B cfs. ... Utility & Ind pf(1%). Utility iquities. . Utility Equity pt (5%). Van Camp Pack. . Van Camp Packing p Venezuela Petroleum Vick Financial (0c) Voght Mfg Co (60c). Wahl Co Wallt & B, A 12).. Waigreen Co. .. Walker (Hiram) new walker Mining son (JW) Co \enden Covper. .. .. ) Western Md Ry 1st pf... 2 2 20 10 West Cartridge pf 6) 2 494 — 2% Wil-Low Cafeterta s — & Wil-lew Cafe pf (4). 5 5 15 -2 10% Wilson Jones. ......... 10 2 Woodley Perrl = » 11 \-. 10% 7% Woolwarth Lid (5% 9% 10 ~ % Y" Oll & Gas. : 2 “ Dividend rates in dollars bapd on last quarterly ol semi-an- nual payment. *Ex dividend. 'Partly exira. Plus 4% in SLOCK — 1| aPayable il cash or stock b Payable in stock. e Adjustment v | dividend. fPlus 5% in stock. g Plus 6% in stock. hPlus 1% i stock P n JPlus 2% in stock s 107 in stock. m Plus 3 % | stock. nPlus 8% in stock. p Paid last year—no resular rate. SEEr S C LT I SWISS BANKS TAKE | PROTECTIVE ACTION Suppression of Interest Expected to Cut Down Heavy Foreign | 1 Balances. | By the Associated Press. 1 NEW YORK, April 9 —Banking| leaders of Switzerland, which has suc- cessfully withstood the various financial backwashes growing out of the world | depression, have taken a new protective | action designed to further safeguard | the strong position of its banks. | Private banking advices received in| ‘Wall street state that Swiss banks have agréed upon a plan to suppress inter- | est payments on current accounts gpd |, deposits. This, it is expected, will fore- stall the heavy inrush of foreign funds | to Switzerland for refuge in Swiss bank investment _channels, because, under | the plan, Swiss banks will refuse to Many nations, one after another, have been flooded with foreign funds in recent years and then finally stranded when the foreign funds have been suddenly recalled. The interna- tional run on American banks last Fall ‘was one example in point, bankers to- [CHESAPEAKE & OHIO R. R. BUYS OTHER RAIL STOCKS Chesapeake & Ohio during 1931 in- creased its interest in the Virginia | Transportation Co., its subsidiary which owns large blocks of Erie Railroad, New York, Chicago & St. Louis and other stocks, to 606.930 shares, against 509,- 200 shares at the end of 1930. Par 31:‘:::1:( ma‘s ‘lnvslment in ue:; rtation was increas: through purchase of these additional shares by $9,773,000, which accounts in part for the drop in C. & O.'s cash be- t:;m the close of 1930 and the end of 1931 The purchase enabled the subsidiary to add extensively to its holding of Erie and Nickel Plate during the yes C. & O. also holds $3.910,000 principal nwtotn ey g'u of the Vif- gl Transportation, the same as at the end of 1930. Steel Prices. NEW YORK, April 9 (#) —There is some comment in steel trade circles to the effect that the stiffening price uruc;ure for nleelxmfiucu m:y be T le for e recent cur- Acceptances Rates Reduced. sy ",Z"““",,,m production. Some consumers are said to be withholding NEW YORK, April § (#)—Another | orgers o further test the mew price Market Averages. By the Associated Press. STOCKS. 50 Ind: {] Q, ] d 4] Bannny P RARR LD RCDOD N 8, Yesterday Previous day Bazss BEEgas EeEEE gL Sher H 0. Plve years ago High (1932). Low (1932) High (1931). Low (1931) BE=s SESRES 558 8 ehchlonnenmnis Prostsstattsans ESss g2u2 o3 W (1930) S E Sy s828z385sa208 253858888 ....t..m... s2szdazsean wiown e on (Copyright, 1932, Standar Statistics Co.) reduction of % of 1 per cent in the | schedules. day stated. England went through a | bid and asked rates on bankers’ accept- o similar experfence last year, imposing |ances was announced today by leading | & severe strain on its money markets, dz;l};x:. st peevions Iowerki: of A L O w P R l C E D and resulting in abandonment of the gold standard. | the rates, is believed designed to bring By refusing to pay interest on cur-|them in line with open market money S E C l R I I Y rent or transient accounts, Switzerland |rates and to bring out a larger supply hopes to discourage foreigners from |of the bills. [ sending their money to that country. In effect, bankers said, the Swiss plan is to keep existing Swiss investments for_the Swiss people themselves. New York banking authorities esti- | mated today that about one-half of all eign account. They said that the flow | of international capital to Switzerland has been out of all proportion to Swit- zerland’s size measured in terms of its national wealth. 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